SACRAMENTO, Calif — Early election results indicate voters who live in the Los Rios Community College District decided to pass Measure E, which would help the district modernize campuses.
Voters in El Dorado, Placer, Sacramento, Solano and Yolo counties decided on this measure in the March 3 primary. The next round of results is expected to come on Thursday.
Los Rios Community College Board of Trustees put forward the ballot measure, which would allow for the community college district to sell bonds for up to $650 million. The money would be used to modernize buildings on the four main Los Rios campuses. The district determined that 18 buildings need to be modernized.
Supporters of this measure argued that this bond would help the schools provide better training for students.
LOCAL ELECTION RESULTS: See the latest vote updates HERE.
Opponents of this measure argued the bond would create a significant tax burden for people living within the Sacramento region.
The money that would pay the bonds back would come from a tax rate increase on property. The tax rate could range from $0.015 to $0.023 for every $100 assessed on a property. So, if a property is determined to be worth $100,000, the landowner would pay an additional $15 to $23 on their property taxes.
The tax rate is subject to change based on the number of bonds sold, interest rates, and the value assessed on the property.
If the district sells all of the bonds, the school district would need to pay back $1.03 billion to people and entities who purchased the bonds. The final year this tax could be collected is estimated to be 2043.
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